Jaguar secures a GBP 170 million loan from GE Capital
Tuesday, 17 Nov 2009
PTI reported that TATA group owned Jaguar Land Rover has secured a GBP 170 million loan from GE Capital in a move to strengthen its financial position.
The five year loan is an important step for the loss making car company owned by TATA Motors, as it seeks to shore up a financial position weakened by the credit crisis and falling sales of its luxury vehicles.
JLR would avail the loan from GE Capital as soon as it rolls off its three UK production lines. It will boost working capital within the company by shortening the 30 to 40 day gap it typically has to wait between producing hundreds of thousands of cars a year and delivering them to dealerships in 90 countries.
(Sourced from PTI)
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